For parents with school children the summer holiday is likely to leave them with further debt. Costs for food, caretakers, entertainment, and holiday trips will all add expense to an already stretched budget for many families.
Elizabeth Finn Care, a poverty charity, reported results of a research study conducted by YouGov on their behalf, that revealed up to 36 per cent of parents with children at school say they will end up in debt at the end of the summer holiday.
Matthe Sykes, Elizabeth Finn Care Chief Executive, said: “Our research shows the apparent willingness of families to go into debt to cover the cost of the summer holidays. Worryingly 4 per cent will even borrow the money from a doorstep lender offering “quick fix” loans and risk owing a huge amount of interest.”
Another children’s charity, Barnardo’s, also predicted that a larger number of families will struggle this summer.
While many are reporting they will borrow money or go into more debt pulling from other personal funds, many are going to be doing without. Children will have to accept not attending theme parks, traveling, or even attending the cinema. More than 40 per cent of parents in Wales reported they would not be able to afford a theme park, 19 per cent would not be able to afford the cinema, and 10 per cent would not be able to afford for their children to go swimming.
Besides doing without or borrowing funds, 16 per cent admitted they would add debt to a credit card, 14 per cent will use their overdraft and 8 per cent will borrow from family.
Experts have suggested that families should attempt to stay within their financial means, and look for creative ways to spend time together that will not lead to more debt.